Greenwood Village, Colo. — FullSpeed Automotive, one of the nation’s largest franchisors and operators of automotive aftermarket repair facilities and home to flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®, has opened its milestone 700th unit with Grease Monkey in Garden Grove, Calif. The new store opened on January 26, 2022.
This development milestone signals major growth ahead as Grease Monkey and SpeeDee awarded a combined 51 franchise agreements in 2021, and expect to exceed that in 2022. FullSpeed also hopes to acquire as many as 150 units by year-end, bringing it much closer to the goal of 1,000 units in 2023.
The Garden Grove Grease Monkey is owned and operated by franchisee Dana Leitner, who plans to grow her Grease Monkey portfolio with additional locations over the next several years.
Largely unimpacted by the pandemic, the auto care industry is expected to grow nearly 25% and reach $477.6 billion by 2024, according to the Auto Care Association’s most recent research study. In 2022, the company will focus on driving business by improving brand consistency and quality perceptions, in turn, driving customer satisfaction and franchisee revenue.
FullSpeed Automotive has set aggressive expansion goals to reach its 1,000-unit milestone by the end of 2022/early 2023 as it seeks single and multi-unit operators throughout the United States and internationally.
“Reaching this significant growth milestone is cause for celebration,” says Kevin Kormondy, chief executive officer of FullSpeed Automotive. “It is an exciting way to start the year, opening the doors for our rapid growth plans ahead. We’ve built an incredible culture and want to celebrate this achievement with those who have helped us throughout our journey. We welcome Dana and the Garden Grove team to our FullSpeed family as we continue the growth with smart, passionate franchise partners and solidify our success as industry leaders. Opening our 700th store is a major milestone, but it’s just the beginning for what’s next when it comes to our development horizon.”
FullSpeed Automotive® is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes, and other ancillary services through multiple brand formats that target several desirable segments of the service market. The company’s flagship brands include Grease Monkey® and SpeeDee Oil Change & Auto Service®. Recently acquired by MidOcean Partners in November 2020, FullSpeed is headquartered in Greenwood Village, Colo. For more information, visit www.fullspeedautomotive.com
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments.
SOURCE: FullSpeed Automotive